Turk – No Profit Taking In Gold & Silver, Even After Huge Run

Today James Turk spoke with King World News about, “… the currency cliff the world will fall over when the dollar collapses.” Turk also said, “… gold just made new record highs against both the euro and Swiss franc, and continues to climb higher in both of these currencies.”

Turk also noted, “It’s important that there are no signs of profit-taking after last month’s big gains, which is a particularly significant point given that Friday also marked the end of the quarter.”

Here is what Turk had to say: “We are already starting to see the effects of QE3, Eric, and they are not what the central planners were hoping for. The inflationary pressures are building. To take energy as just one example, jet fuel prices are at the highest level since 2008, even as the growth in air traffic slows.”

James Turk continues:

“Gasoline prices are also holding their own, and the situation here in Europe is just as bad. As the European economy continues to head south in a deepening recession, today it was reported that inflation in the eurozone in September hit a 6-month high.

Everybody who lived through the 1970’s will immediately recognize these conditions as stagflation, which is what it was called back then….